Rajkot firm buys French company

Rajkot-based firm buys French co for euro 20m

Nayan Dave | TNN 

November 21, 2007

Rajkot: Who says only biggies like Tatas or Birlas can dream of making global acquisitions? Now, an 18-year-old Rajkotbased engineering company, Jyoti CNC Automation Ltd, has engineered the acquisition of 140-year-old French machine tools player Huron Graffestaden SAS for about 20 million euros. The deal is learnt to have been funded by Bank of India.
    Jyoti CNC’s chairman and managing director Parakramsinh Jadeja is in Strasbourg wrapping up the French buyout, the deal for which was inked on Monday, sources said.
    The French company operates in the aerospace sector and caters to aviation and automotive giants like Boeing, Airbus, Nasa, BMW, Volkswagen, Daimler Chrysler, Fiat, Toyota and Volvo.
    Confirming the acquisition, Jadeja told TOI in a telephonic interview that the buyout would strengthen Jyoti’s position in the European market.
    Interestingly, Jadeja, who set up the now Rs 600-crore turnover Jyoti CNC Automation in 1989 and is nurturing global ambitions, has studied only up to class XII. Today, his company makes CNC (computer numerical control) machines used in manufacturing machine tools for sectors like automotive, aerospace, diamond and jewellery, defence, medical, plastic processing and textiles. Starting out with making gearboxes for machines, Jyoti CNC later graduated to developing precision all-geared head lathe machines, and has moved from conventional machines to highly sophisticated CNC machines.


http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIA%2F2007%2F11%2F21%2F17%2FAr01705%2Exml&CollName=TOI_AHMEDABAD_ARCHIVE_2006&DOCID=277201&Keyword=%28%3Cmany%3E%3Cstem%3ENayan%3Cand%3E%3Cmany%3E%3Cstem%3EDave%29&skin=pastissues2&AppName=2&ViewMode=HTML